To enhance the marketplace ecosystem and ensure sellers receive their payments directly and promptly, we aim to implement a system where, upon a user's purchase of a product, the payment is processed and transferred directly to the seller's linked payment account. This feature requires integrating with our payment gateway to facilitate direct transfers based on each transaction.
Tasks:
Seller Payment Account Setup:
Update the User model to include fields for storing seller payment account details securely.
Provide functionality within the seller dashboard for users to add or update their payment account information.
Modify Payment Processing Logic:
Adjust the current payment processing flow to initiate a direct payment to the seller's account upon purchase completion. This may involve creating a new transaction with the payment gateway for each seller involved in an order.
Ensure that the application calculates and deducts any platform fees before transferring the net amount to the seller.
Implement Transaction Records:
Create a model and API for tracking payment transactions to sellers, including the amount, date, and status of each payment.
Provide sellers access to their transaction history for accounting and reconciliation purposes.
Error Handling and Reconciliation:
Implement robust error handling around payment transfers to manage failed transactions effectively.
Develop a mechanism for retrying failed payments and flagging any unresolved transactions for manual intervention.
Compliance and Security:
Ensure that the feature complies with all relevant financial regulations, including KYC (Know Your Customer) where applicable.
Securely handle and store sensitive financial information in accordance with PCI DSS and other relevant security standards.
Testing and Deployment:
Thoroughly test the new payment flow, including success, failure, and edge cases, in a controlled environment.
Plan for a phased rollout of the feature to monitor its impact and catch any unforeseen issues early.
Acceptance Criteria:
Sellers can securely add and manage their payment account details on the platform.
Upon a product purchase, payments are automatically processed and directed to the seller's account minus any platform fees.
A transaction record system is in place, allowing sellers to track their payments.
The system gracefully handles payment failures and supports manual intervention for unresolved transactions.
All legal, compliance, and security standards are met or exceeded.
The feature has been thoroughly tested and is ready for a phased rollout to users.
Deliverables:
Updated models and database schemas to support seller payment accounts and transaction records.
Modified payment processing logic to enable direct payments to sellers.
New or updated APIs for managing seller payment accounts and accessing transaction records.
Comprehensive test suite covering the new functionality.
Documentation for sellers on how to set up and manage their payment account details and view transaction history.
To enhance the marketplace ecosystem and ensure sellers receive their payments directly and promptly, we aim to implement a system where, upon a user's purchase of a product, the payment is processed and transferred directly to the seller's linked payment account. This feature requires integrating with our payment gateway to facilitate direct transfers based on each transaction.
Tasks:
Seller Payment Account Setup:
Usermodel to include fields for storing seller payment account details securely.Modify Payment Processing Logic:
Implement Transaction Records:
Error Handling and Reconciliation:
Compliance and Security:
Testing and Deployment:
Acceptance Criteria:
Deliverables: